The Kuwait Sovereign Fund grew 33 percent last year

The fund had foreign assets of $ 580 billion at the end of last year, according to ratings agency Fitch.

Kuwait City: The Future Generations Fund, a sovereign fund in Kuwait, grew by 33 percent in the last fiscal year ending March 31, according to the Ministry of Finance. Funds under the Kuwait Investment Authority (KIA) have outperformed other international sovereign funds.

Kuwaiti Finance Minister Khalifa Hamad said the Generations Fund’s growth over the past five years had surpassed oil revenues over the same period and the fund’s declared targets.

The fund had assets of $ 580 billion at the end of last year, according to ratings agency Fitch. The Public Institution for Social Security (PIFSS) in Kuwait recently said that 2020 was the year with the best economic performance with 16.5 percent growth in revenue. The pension fund reported $ 133.7 billion in assets last year. This is 20.9 per cent more than in 2019. The company had invested 4% in investments, down 11.5% from a year earlier.

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